Non-GAAP Adjusted After-tax Net Income, which is generally used by the investment community to value common stocks, was used when this amount was disclosed in the company's earnings release, and it excludes Special, Unusual Items which are significant in amount relative to Reported GAAP Net Income.
How did they do?
Well, pretty good, with Total 2012 Annual Non-GAAP Adjusted After-tax Net Income of $185.0 bil, up a robust 14.0% over 2011.
The huge earnings growth below of 61% for Apple is on a FYE September basis. Its quarterly earnings growth has decelerated markedly, and on a calendar year basis, Apple's annual 2012 earnings growth drops dramatically to 27%.
If these 32 Technology Corps Total Annual Earnings are adjusted to reflect Apple's earnings on a calendar year basis, then the Total Technology Corps Earnings Growth drops from 14% to 9%.
On a company-earnings-weighted Earnings Per Share basis, the 2012 growth was 15.6%, 1.6% higher than the 14.0% total earnings growth, due to the huge common stock buyback programs that many, but not all, of these Technology companies have.
Because Apple's earnings are so dominant, its 2012 earnings growth is so high, and it doesn't presently have much in the way of a common stock buyback program for a company its size, I have also included at the very bottom of the below chart, the earnings totals for all technology companies excluding Apple. And it is quite revealing. For the remaining 31 Technology Corps, the 2012 Total Earnings Growth drops dramatically to 5.1%, the 2012 Total EPS growth drops to 7.3%, and the Total EPS growth due to common stock buybacks increases to 2.2%.
Below here are these annual earnings of these 32 Technology Corps for both 2012 and 2011:
| Non-GAAP | |||||||
| EPS | |||||||
| Non-GAAP | Non-GAAP | Growth | |||||
| Annual | Annual | Adjusted | Adjusted | Non-GAAP | Over | ||
| 2012 | 2011 | Net | Net | Adjusted | Earnings | ||
| Non-GAAP | Non-GAAP | Income | Income | EPS | Growth | ||
| Adjusted | Adjusted | Increase | Increase | Increase | Positive | ||
| Net | Net | (Decrease) | (Decrease) | (Decrease) | % | ||
| Income | Income | Amount | % | % | Spread | ||
| FYE | mils of $s | mils of $s | mils of $s | ||||
| Technology | |||||||
| Apple | Sep | 41,733 | 25,922 | 15,811 | 61.0% | 59.5% | -1.5% |
| Microsoft | Jun | 23,681 | 22,720 | 961 | 4.2% | 5.3% | 1.1% |
| IBM | Dec | 17,627 | 16,318 | 1,309 | 8.0% | 13.5% | 5.5% |
| Dec | 13,302 | 11,798 | 1,504 | 12.7% | 11.0% | -1.7% | |
| Oracle | May | 12,521 | 11,395 | 1,126 | 9.9% | 10.8% | 0.9% |
| Intel | Dec | 11,580 | 13,524 | (1,944) | -14.4% | -10.4% | 4.0% |
| Cisco Systems | Jul | 10,017 | 9,033 | 984 | 10.9% | 14.2% | 3.3% |
| Hewlett Packard | Oct | 8,035 | 10,379 | (2,344) | -22.6% | -17.0% | 5.6% |
| Qualcomm | Sep | 6,463 | 5,407 | 1,056 | 19.5% | 15.9% | -3.6% |
| EMC | Dec | 3,759 | 3,381 | 378 | 11.2% | 12.6% | 1.4% |
| Ebay | Dec | 3,100 | 2,667 | 433 | 16.2% | 16.3% | 0.1% |
| Dell | Jan | 3,017 | 3,952 | (935) | -23.7% | -19.2% | 4.5% |
| Seagate Technology | Jun | 2,977 | 578 | 2,399 | 415.1% | 444.4% | 29.3% |
| Accenture | Aug | 2,791 | 2,521 | 270 | 10.7% | 13.3% | 2.6% |
| Western Digital | Jun | 2,109 | 770 | 1,339 | 173.9% | 162.5% | -11.4% |
| Thermo Fisher Scientific | Dec | 1,810 | 1,601 | 209 | 13.1% | 18.8% | 5.7% |
| Broadcom | Dec | 1,760 | 1,694 | 66 | 3.9% | 1.0% | -2.9% |
| Texas Instruments | Dec | 1,759 | 2,236 | (477) | -21.3% | -19.7% | 1.6% |
| Priceline.com | Dec | 1,612 | 1,209 | 403 | 33.3% | 33.4% | 0.1% |
| Yahoo | Dec | 1,407 | 1,040 | 367 | 35.3% | 44.4% | 9.1% |
| Xerox | Dec | 1,398 | 1,563 | (165) | -10.6% | -4.6% | 6.0% |
| Automatic Data Processing | Jun | 1,389 | 1,254 | 135 | 10.8% | 11.9% | 1.1% |
| Activision Blizzard | Dec | 1,350 | 1,087 | 263 | 24.2% | 26.9% | 2.7% |
| Dec | 1,317 | 1,164 | 153 | 13.1% | 6.0% | -7.1% | |
| VMWare | Dec | 1,236 | 936 | 300 | 32.1% | 31.3% | -0.8% |
| Symantec | Mar | 1,201 | 1,119 | 82 | 7.3% | 13.4% | 6.1% |
| Adobe Systems | Nov | 1,183 | 1,183 | 0 | 0.0% | 0.0% | 0.0% |
| Cognizant Technology Solutions | Dec | 1,132 | 953 | 179 | 18.8% | 20.5% | 1.7% |
| CA Technologies | Mar | 1,117 | 984 | 133 | 13.5% | 18.2% | 4.7% |
| Agilent Technologies | Oct | 1,100 | 1,045 | 55 | 5.3% | 5.8% | 0.5% |
| Applied Materials | Oct | 960 | 1,723 | (763) | -44.3% | -42.3% | 2.0% |
| Sandisk | Dec | 582 | 1,138 | (556) | -48.9% | -48.8% | 0.1% |
| Total all 32 | 185,025 | 162,294 | 22,731 | 14.0% | 15.6% | 1.6% | |
| Total all 31 excluding Apple | 143,292 | 136,372 | 6,920 | 5.1% | 7.3% | 2.2% |
